Millrock Resources Reports Geophysical Survey Results on West Pogo Block, Goodpaster Gold District Project, Alaska
TSX VENTURE: MRO
VANCOUVER, British Columbia, Oct. 09, 2019 (GLOBE NEWSWIRE) -- Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) ("Millrock" or the “Company”) announces that it has received results of a Controlled Source Audio Magneto Tellurics (“CSAMT”) survey recently conducted on its West Pogo claim block, which comprises a portion of its Goodpaster Gold District exploration project. Gently dipping conductive zones potentially indicative of gold mineralization in the same regional shear zone that hosts the Pogo Gold Mine have been detected. The anomalous responses are directly along strike and down dip of a recent gold deposit discovery announced by Pogo Gold Mine operator Northern Star Resources Limited (“Northern Star”). The Goodpaster Deposit reported by Northern Star is located northwest of the existing Pogo Gold Mine approaching the boundary between Millrock’s West Pogo claims with the mine property.
Gregory Beischer, Millrock President & CEO commented, “We have developed a compelling drill target at West Pogo. Numerous lines of evidence are pointing to the area along Aurora Creek, which is directly along strike to the southwest from a new, high grade discovery reported by our neighbours next door. We plan to construct a drill trail from the Pogo Gold Mine road to Aurora Creek and drill a well to provide a nearby, winter water source. This will give the flexibility to begin drilling in the winter months of 2020.”
- A high conductivity geophysical response has been detected beneath and on the south side of Aurora Creek directly along strike from a recent gold deposit discovery on adjacent claims (the new Goodpaster Deposit) announced by Northern Star, operator of the Pogo Gold Mine.
- The CSAMT conductor is coincident with a magnetic low (indicating gold-mineralizing fluids may have altered the rock) and with strong gold, arsenic and bismuth soil geochemical anomalies at surface.
- The conductor appears to be gently dipping and is therefore consistent with a low-angle regional shear zone that is known to host the adjacent Pogo Gold Mine (total gold endowment of approximately 10 million ounces, as reported by Northern Star).
- On Line 3, the conductor lies approximately 120 m below the vertical penetration of a prior, historic drill hole which intersected gold in near-vertical quartz veins (which potentially acted as “feeder” veins to a low-angle shear-hosted gold system).
- On Line 6, the conductor is stronger, and at a shallower depth of approximately 80 m below surface. The area where line 6 intersects Aurora Creek is directly along strike from the high-grade gold mineralization reported by Northern Star and is coincident with a pronounced magnetic low.
- On the northern part of Line 6 another conductor is observed, coincident with a magnetic low, at the expected down-dip projection of Northern Star’s Goodpaster deposit.
The 2019 CSAMT survey covered a total of 13 line km; 5 km on Line 3, and 8 km on Line 6. Zonge International was contracted to perform the CSAMT Survey acquisition, which began on August 10 and was completed on September 1. The survey area displays elevated gold, arsenic and bismuth surface samples coincident with northeast and northwest - oriented breaks in topography, airborne magnetics, and airborne resistivity survey results. These breaks are interpreted to be high-angle faults and potential mineralization conduits. The pronounced magnetic low situated in the Aurora Creek valley is coincident with the elevated gold and pathfinder elements in surface samples. Areas of defined gold ore bodies at Northern Star’s Pogo Gold Mine, as well as their newer Central Lodes and Goodpaster discoveries, display a low magnetic response, due to alteration associated with gold mineralization. Former Pogo Gold Mine operator Sumitomo Metal Mining has previously used CSAMT as a targeting tool, and the survey type was reported by them as being instrumental in the initial discovery of the Goodpaster deposit now being drilled by Northern Star.
The Aurora Creek conductive zone is deeper on Line 3 and is at the edge of survey resolution. While Millrock does not place a high level of confidence on this conductor, it does appear at the correct level given a simple projection of the Goodpaster vein system onto Millrock property. Prior historic drilling was of inadequate depth to test the conductor, but did intersect anomalous gold values in high-angle quartz veins. Strong geochemical responses are located in the vicinity of the conductor in the Aurora Creek area. On Line 6, the Aurora Creek conductor is shallower, and more pronounced and is assigned a higher confidence level and represents a prime target for drill testing.
Shares for Debt Settlement
Further to a press release made by Millrock on October 1, 2019 the Company reports the TSX-V has approved, and the Company has issued, a total of 654,703 common shares at a deemed price of $0.09 per share to settle outstanding debt of $58,923.28 for deferred compensation. The issuance was done to in order to conserve The Company treasury. The shares are subject to a hold period and may not be traded until February 8, 2020.
The scientific and technical information disclosed within this document has been prepared, reviewed and approved by Gregory A. Beischer, President, CEO and a director of Millrock Resources. Mr. Beischer is a qualified person as defined in NI 43-101.
About Millrock Resources Inc.
Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages, and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is recognized as the premier generative explorer in Alaska, holds royalty interests in British Columbia, Canada and Sonora State, Mexico and is a significant shareholder of junior explorer ArcWest Exploration Inc. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: EMX Royalty, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet, Altius, and Riverside.
ON BEHALF OF THE BOARD
Gregory Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT:
Melanee Henderson, Investor Relations
(877) 217-8978 (toll-free)
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, management’s expectation that it will receive permits and be able to install a drill trail during 2019. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, Millrock’s ability to raise funds needed to perform additional exploration on the claims staked and customary risks of the resource industry.